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Business

Sears leader Lampert and his hedge fund make eleven-hour offer to acquire venerable dealers




NEW YORK (AP) – Eddie Lampert and his ESL Holdings hedge fund offer to buy the rest of Sears for up to $ 4.6 billion in cash and shares in a move to avert liquidation.

Sears chairman and ESL founder owns just under half of Hoffman Estates, Ill. -Based company, according to FactSet. Sears

SHLDQ, -2.24%

filed for Chapter 11 bankruptcy protection in October, settled by years of falling sales and massive debt. It then said that it would close 142 unprofitable shops in the hope that it could be in business.

Don't miss: Sears announces 80 further closures of Sears and Kmart stores

ESL Holdings said in a regulatory filing on Thursday that the non-binding offer to the approximately 500 remaining Sears stores will hold about 50,000 employees. The offer is subject to due diligence and ESL's ability to obtain funding, among other things.

"ESL believes that a future for Sears as a business is the only way to preserve tens of thousands of jobs and provide continued economic benefits to the many US societies affected by Sears and Kmart stores," a firm statement said.

As recently as 201[ads1]2, the company operated 4000 Sears and Kmart stores, including closures after bankruptcy filing, Sears would have over 500 working places again.

The deterioration has been quick.

Recently, in 2012, the company operated 4000 Sears and Kmart stores. Including closures after bankruptcy filing, Sears would have over 500 working locations again.

In the case of bankruptcy filing, the company worked around 68,000 people.

The ESL bid follows a number of features that Lampert has offered to save the company in recent years. And it comes as there is a lack of support from many vendors who have been reluctant to work with Sears, as they fear they will not be paid.

"I think he has a plan for it to be clear or not for us," said David Tawil, president and co-founder of Maglan Capital, who follows distressed companies. "

From the archives: Yes, Sears is likely to collapse, but the biggest stakeholder Eddie Lampert just wants to get well

Robin Lewis, a New York-based retail consultant, asked Lampert honestly To save the business and bring it out of bankruptcy. "" If he succeeds in doing so, the first person he cares should, "said Lewis." He will continue to destroy it and it will be right where it was . "

Read on: JC Penney is now a penny stock



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